The Manchester City midfielder provided a league high 20 assists, seven clear of the next best, and scored 13 goals as the Sky Blues finished runners-up in the 2019-20 campaign.
The Belgium international finished ahead of City team-mate Raheem Sterling and Liverpool quartet Trent Alexander-Arnold, Jordan Henderson, Sadio Mane and last years winner Virgil van Dijk.
“It is a big honour,” De Bruyne said. “To be voted by your colleagues, your competitors from other teams who we play against on the field, is amazing.
“I think it is (the ultimate honour) because you compete against them (fellow professionals). They want to win the trophies; they want to be the best.
“It is everybody voting, not a few players, so that means you have done really well in the season.”
Liverpool’s Alexander-Arnold was named the PFA Young Player of the Year, while Marcus Rashford won the PFA Merit Award.
“Its one of the biggest for me so far on a personal note, probably the biggest,” Alexander-Arnold said.
“Being a part of the names that Ive seen on here, and to be a part of such an amazing trophy and be able to receive it, is an unbelievable honour for me and my family. Its something well always be proud of.”
Both De Bruyne and Alexander-Arnold were named in the PFA Team of the Season too, with five Liverpool players in the XI.
PFA 2019-20 Team of the Season:Nick Pope (Burnley); Andrew Robertson (Liverpool), Caglar Soyuncu (Leicester City), Virgil van Dijk (Liverpool), Trent Alexander-Arnold (Liverpool); Jordan Henderson (Liverpool), David Silva (Manchester City), Kevin De Bruyne (Manchester City); Sadio Mane (Liverpool), Pierre-Emerick Aubameyang (Arsenal), Jamie Vardy (Leicester City)